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Litao Zhong, director of the Business and Economic Research Center at IU East, participates in the Indiana University Economic Outlook Forum Tuesday, Nov. 15, at IU East's Whitewater Hall.
Mickey Shuey/Palladium-Item

Litao Zhong, director of the Business and Economic Research Center at IU East, participates in the Indiana University Economic Outlook Forum Tuesday, Nov. 15, at IU East's Whitewater Hall.
Mickey Shuey/Palladium-Item

Litao Zhong, director of the Business and Economic Research Center at IU East, participates in the Indiana University Economic Outlook Forum Tuesday, Nov. 15, at IU East's Whitewater Hall.
Mickey Shuey/Palladium-Item

Litao Zhong, director of the Business and Economic Research Center at IU East, participates in the Indiana University Economic Outlook Forum Tuesday, Nov. 15, at IU East's Whitewater Hall.
Mickey Shuey/Palladium-Item

There's a lot of uncertainty ahead for state and national labor markets, according to a number of Indiana University faculty members who spoke during a panel discussion Tuesday morning at IU East.

Professors and economists from several IU campuses around the state, including Bloomington, Indianapolis and Richmond, each shared their thoughts on what the future holds for the regional, state and national economies as part of the IU Business Outlook Forum.

The panelists gave similar predictions for the economy — "the glass is, at best, half full ... and that leaves me subdued," as Bill Witte, co-director of the Center for Econometric Research, told the audience — with each speaker focusing on different aspects.

Witte gave a broad overview of the economy and the impact real-world events might have on its future growth. Litao Zhong, director of the Business and Economic Research Center at IU East, generally spoke about the state of the local and regional economy. Robert Neal, professor of finance at the Kelley School of Business, discussed investment strategies. And Tim Slaper, director of economic analysis at the Indiana Business Research Center, discussed statewide economic growth and possibilities.

"This event, I think, really helped connect people with what's going on around them from a business and economic standpoint," said Robert Mulligan, dean of the School of Business and Economics at IU East. "I think it's great to have events like this where we are able to bring in people who are experts that can talk about things that really matter."

Mulligan, who moderated the panel discussion, said he thought the common theme of uncertainty, which was a point touched upon by each panelist, highlights the gravity of where economists see the U.S. and world markets at this particular point in time.

"I think there's a lot (of uncertainty) right now and people are still trying to figure out where (we) go from here," he said. "I think our panel really hit home the idea of being patient and making sure that people are paying attention to the details."

Most of the panelists also noted that although there's uncertainty over the impact of Donald Trump's election to the presidency, questions would have loomed even if Hillary Clinton had won.

Witte said one of the biggest questions that remains from an economic standpoint is the expected investment in infrastructure and what the impact will be on the state and federal levels of job creation.

"What we need is a long-term infrastructure plan, if it's going to do anything (good)," he said. "A 10-, 15- or 20-year infrastructure investment will certainly create jobs."

Neal said people generally should stay the course when it comes to investing in funds but to be sure to keep an eye on their assets in other areas, such as retirement.

Slaper said, as a state, Indiana needs to do a better job of bringing in young entrepreneurs and developing their businesses, and pointed to the state's Regional Cities Initiative as an example of taking good, calculated risk to further develop communities.

"We need to build that culture of entrepreneurship and risk taking," he said. "We really need to do better."

Slaper also said Indiana has outperformed surrounding states in regard to exporting products to other parts of the country and the world as a whole.

"Our economy does, in fact, sell a lot of stuff to the outside world," he said. "Building out is really important (to those efforts)."

Litao Zhong said Wayne County and the eastern Indiana region is similar to the rest of the state in terms of how its workforce is shaped and how the economy is fairing. He said the region is on par, in terms of employment and labor force, with the rest of Indiana, although the GDP isn't nearly as high as it is in other regions.

"There's a lot of common ground between (our region) and the state as a whole," he said. "There is also a lot of uncertainty."

Zhong said the annual business survey he conducts shows many companies are hoping to grow in the coming year, but many might ultimately not do so because of financial or other constraints. The survey allows companies to share in a broad sense where they expect to be in the year that follows and how the local economy is influencing business decisions.

"Outreach is one of the most important things we do (at IU East)," Zhong said. "I think as more businesses take part in this (survey), we'll get an even clearer picture of where things are headed."

To reach Palladium-Item business reporter Mickey Shuey, call (765) 973-4472. You can follow him on Twitter: @MickeyShueyPI and at facebook.com/mickeyshuey.